With capital expenditure yet to pick up, the Centre’s fiscal deficit remained at a moderate level at Rs 4.35 lakh crore or 27% of the annual target in the first five months of the current financial year compared with 36% in the year-ago period. While the overall revenue position remained comfortable due to a sharp increase in non-tax revenues, the net tax revenues growth has slowed to 8.7% in April-August due a decline in gross personal income tax receipts in the month of August (Rs 57,798 crore vs. 1.03 lakh crore in year-ago month).